Philips to Cut 4,000 Jobs as Big Recall, Supply Snags Hit Earnings

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Philips said it would cut 4,000 jobs, as it grapples with supply challenges and the fallout from a huge recall of devices used to treat sleep apnea

Royal Philips NV said it would cut 4,000 jobs in a bid to turn around its embattled business, as it grapples with supply-chain challenges and the fallout from a huge recall of devices used to treat sleep apnea.

The Dutch healthcare conglomerate said Monday that the job cuts, which amount to about 5% of its 80,000-strong workforce, would simplify its operations and save about 300 million euros, equivalent to about $296 million, a year.

 

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